Back to basics:exploring the business idea

The collapse of the dot‐com business sector has shown that, in reality, there is only one economy, with a new technology trying to find its way in it. Success in business will always depend on two areas of attention: building the business; and protecting the business. The Business Idea provides a method to consider the future viability of a business proposition in all basic aspects that make for longer‐term success. The author discusses seven factors that are incorporated in a business idea. Business leaders that want their companies to survive must develop a positive feedback loop that encompasses all of these factors. This virtuous cycle ensures continued success and growth and the ongoing awareness of the evolving scarcities in the marketplace, leading to new inventions to keep the business’s offerings in line with the customer needs.